“Overstock首席执行官数年前就开始了对传统金融公司的宣传攻势，当时他声称有些公司正在对Overstock的股票进行裸卖空。在并不实际卖出股票的情况下卖空股票可以使股票供应膨胀，并因此打压股价”，Crowdfund Insider的JD Alois这样报道。“裸卖空多年来一直是华尔街的话题，因为卖空者一般终将无法交付股票。使用基于区块链的账簿系统也许可以算是Byrne的报复。当然，传统的金融企业并没有坐以待毙。所有的金融企业都在调研对加密货币和区块链技术的应用，包括那些发展良好的股票交易所。”
In late December, retail giant Overstock, a publicly traded company managed by maverick CEO Patrick Byrne, received SEC approval to regarding a plan to issues shares using Bitcoin Blockchain. According to a filing with the SEC, the use of the "technology and distributed ledger technology by the Pro Securities ATS is novel and untested with respect to digital securities." In what it claims is a world first, the online retailer Overstock is set to issue public shares using its proprietary blockchain technology to be traded on the company's tØ.com platform. tØ seeks to apply the security and efficiency of cryptography to the world of finance, making transactions more equitable, transparent and accessible to all market participants.
"This is yet another historic event – the creation of a security that will trade and settle entirely on a distributed ledger," shared tØ.com CEO Patrick Byrne. "I've said from the beginning that blockchain technology is going to change the world of finance forever, and we're leading that charge."
In a statement, the firm averred that its public offering will mean that shareholders will be able to trade "traditional" or "blockchain" stock. The latter will trade and settle exclusively through Overstock's tØ.com platform and its alternative trading system.
Overstock set up the tØ subsidiary to lead its aggressive efforts to develop and commercialise blockchain tech. Last year the retailer issued the world's first private blockchain cryptobond, and is now going further through the first public blockchain security.
"The Overstock CEO initiated a bit of a crusade against financial firms several years back when he claimed some firms were naked shorting Overstock shares. Shorting shares without providing the actual shares can balloon share supply thus depressing share price," reported Crowdfund Insider's JD Alois. "Naked shorting has been an issue on Wall Street for many years as firms would consistently fail to deliver the shares. Using the Blockchain ledger-based system may be a bit of a payback by Byrne. Of course, traditional financial firms are not sitting still. All sorts of financial firms are investigating the use of cryptocurrencies and Blockchain technology – including well-established stock exchanges."
Readers may also tune into an informative interview with Stanford PhD Byrne and fintecher Terry Roche of the Tabb Group to discuss the Short Token product and the philosophical basis of moving stock loan to the blockchain and how Short Token offers significant advantages to beneficial owners and institutional investors alike.